I'm Stani's Scottish Software Situation Solver from Silicon Valley, California. I have the current development branch of Phatch running on XP/32, Vista/64 and Windows7/64 (and several Macs and Linux systems). It is working for me and I am happy to help you.
You're probably aware that there are a number of library dependancies involved in getting Phatch to work. We are working towards having a installer (and self contained phatch.exe) which will "just work" without you having to install the dependancies.
However we're a few weeks (probably 2-3 months) from having the installer/standalone phatch.exe ready and tested.
I have phatch running on Vista/64 Ultimate with ActivePython (2.6) 32bit edition. I downloaded wxWidgets2.8 (126.96.36.199) and PIL 1.1.7. You can google and download those. You will also need pyexiv2 (and several files that come with it) and it's available from clanmills.com.
I've used the sysinternals utility "listdlls python" to inspect the libraries that have been loaded into memory and I don't see anything unusual. However I will make a list of the dependancies and from where these can be obtained and update this thread tomorrow (3/16/2010).
Do you have bzr installed on your system (to obtain the current code)? If you don't have bzr, I can post a zip of latest code on clanmills.com tomorrow.
Do you know which version of phatch you are trying to execute?
I understand that all those downloads are rather tedious and that's why we're working on a simple way to install and execute phatch. If you'd like to join the test effort, we're always happy to accept assistance.